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Contemporary Business Mathematics with Canadian Applications 10th edition S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs - Solutions
The Wambat Company pays a dividend of $4.25 every three months per preferred share. What is the expected market price per share if money is worth 8% compounded semiannually?
Transcontinental Pipelines is considering a technical process that is expected to reduce annual maintenance costs by $85 000. What is the maximum amount of money that could be invested in the process to be economically feasible if interest is 7% compounded quarterly?
The municipal building for the City of Lethbridge is considering installation of a system of wind powered generators. With the system, the city can save $13 000 every six months in expenses. If interest is 4.75% compounded quarterly, how much should the city invest to install the system?
Alain Dupre wants to set up a scholarship fund for his school. The annual scholar-ship payment is to be $2500, with the first such payment due four years after his deposit into the fund. If the fund pays 7.25% compounded annually, how much must Alain deposit?
Preferred shares of Western Oil paying a quarterly dividend are to be offered at $55.65 per share. If money is worth 6.2% compounded semi-annually, what is the minimum quarterly dividend to make investment in such shares economically feasible?
Aleena rents a suite and pays $1150 in monthly rent in advance. What is the cash value of the property if money is worth 6.6% compounded monthly?
Larry and John purchased a warehouse property for $836 000 that they are going to lease to several businesses, including a computer repair business. The property pro- vides a net income of $3600 at the beginning of every month. What is the monthly compounded annual yield earned by the property?
What is the future value of monthly payments of $50 each for four years and two months at 4.62% compounded monthly if the payments form an annuity due?
How much must be deposited into an account to accumulate to $32 000 at 7% compounded semi-annually(a) At the beginning of each month for 20 years?(b) At the end of each year for 15 years?
A 6-year lease contract valued at $49 350 requires semi-annual payments. If the first payment is due at the date of signing the contract and interest is 9% compounded monthly, what is the amount of the payment?
How long will it take to build up a fund of $10 000 by saving $300 at the beginning of every 6 months at 4.5% compounded semi-annually?
Terry saves $50 at the beginning of each month for 16 years. Beginning 1 month after his last deposit, he intends to withdraw $375 per month. If interest is 6% compounded monthly, for how long can Terry make withdrawals?
Debra is considering taking out a member- ship in her local fitness club. If she pays for a 2-year membership in advance, the cost is $698. If she makes monthly payments over the same 2 years, she would have to pay $34 at the beginning of each month. What is the monthly compounded nominal rate
Alex Sanchez won a $12 500 prize that he deposited in an account paying 5.95% com- pounded semi-annually for 10 years. At the end of 10 years, he reinvested the balance into an annuity that paid $500 at the beginning of each month starting with the date of reinvestment. If interest on the annuity
What is the nominal rate of interest compounded quarterly at which payments of $400 made at the beginning of every six months accumulate to $8400 in eight years?
FlexLabs borrowed funds to purchase a new blood analysis machine by signing a loan contract requiring payments of $1630 at the end of every three months for six years. (a) How much is the cash value of the contract if money is worth 8.1% compounded quarterly? (b) If the first three payments are
A debt of $20 000 is repaid by making payments of $3500. If interest is 9% compounded monthly, for how long will payments have to be made? (a) At the end of every six months? (b) At the beginning of each year? (c) At the end of every three months with payments deferred for five years? (d) At the
Tomac Swim Club bought electronic timing equipment on a contract requiring monthly payments of $725 for three years beginning eighteen months after the date of purchase. What was the cash value of the equipment if interest is 7.5% compounded monthly?
Frank makes deposits into his savings account of $225 at the beginning of every three months. Interest earned by the deposits is 3% compounded quarterly.(a) What will the balance in Frank’s account be after eight years?(b) How much of the balance will Frank have contributed?(c) How much of the
Aaron deposited $900 every 6 months for 20 years into a fund paying 5.5% compounded semi-annually. Five years after the last deposit, he converted the existing balance in the fund into an ordinary annuity paying him equal monthly payments for 15 years. If interest on the annuity is 6% compounded
A debt of $40 000 is to be repaid in installments due at the end of each month for seven years. If the payments are deferred for three years and interest is 7% compounded quarterly, what is the size of the monthly payments?
Ty received a separation payment of $25 000 from his former employer when he was 35-years old. He invested that sum of money at 5.5% compounded semi-annually. When he was 65, he converted the balance into an ordinary annuity paying $6000 every 3 months with interest at 6% compounded quarterly. For
George purchased an annuity that provides payments of $4500 at the end of every 3 months. The annuity is bought for $33 500 and payments are deferred for 12 years. If interest is 4.94% compounded monthly, for how long will payments be received?
Frank sold an antique car he had inherited, investing the proceeds of $15 000 to earn 4.84% compounded monthly. After 45 months, he converted his investment to an annuity, whereby he withdraws $335 at the end of each month over 5 years. What monthly compounded nominal rate of interest does the
Reagan O’Brien bought his parents’ apple orchards for $200 000. The transfer agreement requires Reagan to make annual year-end payments of $35 000 for 10 years. Money is worth 5.29% compounded annually. If the first payment is due in 3 years, what is the annually compounded nominal interest
If the White Rock Fire Department invests now in new ladder systems for several of its trucks, the department would save $3500 every 6 months in repair costs. What single cash investment made now is equivalent to the repair payments if interest is 8% compounded quarterly and the payments are
Bonita contributed $450 at the beginning of every three months to an RRSP. Interest on the account is 6% compounded quarterly. (a) What will the balance in the account be after seven years? (b) How much of the balance will be interest? (c) If Bonita converts the balance after 7 years into an RRIF
A church congregation has raised $37 625 for future outreach work. If the money is invested in a fund paying 7% compounded quarterly, what annual payment can be made for 10 years from the fund if the first payment is to be made 4 years from the date of investment in the fund?
For their marketing class in sales techniques, the business students of Keewaten College raised $16 750 in scholarship donations. What sum of money can be withdrawn from the fund if the money is invested at 6.5% com- pounded semiannually?(a) At the end of every 3 months for 12 years?(b) At the
If you save $25 at the beginning of each month, and interest is 4% compounded quarterly, how much will you accumulate in 30 years?
Niagara Vineyards borrowed $75 000 to update their bottling equipment. The business agreed to make payments of $6000 at the end of every three months. If interest is 7.31% compounded quarterly, how long will the company have to make the payments?
Keyes Farms bought a tractor priced at $20 000 and agreed to make payments of $1223 at the end of every three months. If interest is 7.8% compounded quarterly, how long will payments have to be made if the payments are deferred for two years and six months?
Pipeline Corporation’s preferred share dividend of $1.45 is paid at the end of every six months. If comparable investments yield 5.6% compounded quarterly, what should be the selling price of these shares?
Western Railway leases land owned by the City of Regina, paying $11 000 at the beginning of each year. For what amount should Western offer to buy the land if interest is 6.5% com- pounded annually?
A scholarship fund is to be set up to provide annual scholarships of $4000. If the first payment is due in three years and interest is 4.82% com- pounded quarterly, what sum of money must be deposited in the scholarship fund today?
What quarterly compounded nominal interest rate is earned on payments of $215 paid at the beginning of every month for 9 years out of an investment of $18 000?
Home entertainment equipment can be purchased by making monthly payments of $82 for three-and-a-half years. The first payment is due at the time of purchase and the financing cost is 16.5% compounded monthly. (a) What is the purchase price? (b) How much will be paid in installments? (c) How much
You have set a goal to save $10 000 in a savings account that earns interest at 2.54% compounded quarterly. How much must you deposit every three months for 5 years if the deposits are made at the beginning of each quarter?
Payments of $375 made every 3 months are accumulated at 3.75% compounded monthly. What is their amount after 8 years if the payments are made? (a) At the end of every 3 months? (b) At the beginning of every 3 months?
A property was purchased for quarterly payments of $1350 for 10 years. If the first payment was made on the date of purchase and interest is 5.5% compounded annually, what was the purchase price of the property?
Arnie will receive payments of $850 at the beginning of every month from a trust account starting on his 30th birthday and continuing for 20 years. Interest is 5.04% compounded monthly. (a) What is the balance in the trust account on Arnie’s 50th birthday? (b) How much interest will be included
To support his handicapped niece, Tony made payments of $1800 into a fund at the beginning of every 3 months. If the fund earns interest at 5.24% compounded quarterly, how much will the balance in the fund be after 18 years?
Elsie Shen wants to withdraw $6000 at the beginning of every 3 months for 20 years, starting at the date of her retirement. If she retires in 18 years and interest is 4.68% compounded quarterly, how much must she deposit into an account every quarter for the next 18 years, starting now?
The amount of $27 350 is invested at 6% compounded monthly for 6 years. After the initial 6-year period, the balance in the fund is converted into an annuity due paying $1600 every 6 months. If interest on the annuity is 4.96% compounded semi-annually, what is the term of the annuity in years?
New Brunswick Bank pays a quarterly dividend of $0.75 per share. If comparable investments yield 4.16% compounded monthly, what is the sales value of the shares?
What is the principal invested at 4.75% compounded semi-annually from which monthly withdrawals of $240 can be made (a) At the end of each month for 25 years? (b) At the beginning of each month for 15 years? (c) At the end of each month for 20 years but deferred for 10 years? (d) At the beginning
Find the present value of payments of $960 made at the beginning of every month for seven years if money is worth 6% compounded monthly.
Tim bought a boat valued at $10 104 by agreeing to make semi-annual payments for five years. If the first payment is due on the date of purchase and interest is 8.8% compounded semi-annually, what is the size of the semi-annual payments?
Bruce needs construction tools and equipment to start his new job. He has signed a lease contract valued at $5200, and will make payments of $270 at the beginning of every three months for six years. What is the nominal annual rate of interest compounded quarterly charged on the lease?
Through automatic transfer from her bank chequing account to her savings account, Lily has made deposits of $145 at the beginning of each month. The savings account earns interest at 2.12% compounded semiannually. After 12 years, how much has she accumulated in her savings account?
A lease requires monthly payments of $950 due in advance. If interest is 12% compounded quarterly and the term of the lease is five years, what is the cash value of the lease?
J.J. deposited $1680 at the beginning of every 6 months for 8 years into a fund paying 5.5% compounded semi-annually. Seven years after the first deposit, he converted the balance into an annuity paying him equal monthly payments for 20 years. If the payments are made at the end of each month and
Ken acquired his sister’s share of their business by agreeing to make payments of $4000 at the end of each year for 12 years. If the payments are deferred for 3 years and money is worth 5% compounded quarterly, what is the cash value of the sister’s share of the business?
The amount of $39 600 is invested at 3.5% compounded quarterly. After four years the balance in the fund is converted into an annuity. If payments of $6000 are made at the end of every six months for seven years, what is the nominal rate of interest compounded semi-annually on the annuity?
A regular deposit of $100 is made at the beginning of each year for 20 years. Simple interest is calculated at i% per year for the 20 years. At the end of the 20-year period, the total interest in the account is $840. Suppose that interest of i% compounded annually had been paid instead. How much
Herman has agreed to repay a debt by using the following repayment schedule. Starting today, he will make $100 payments at the beginning of each month for the next two-and-a-half years. He will then pay nothing for the next two years. Finally, after four-and-a-half years, he will make $200 payments
Victor and Jasmine Gonzalez were discussing how to plan for their three young sons’ university education. Stephen turned 12-years old in April, Jack turned 9 in January, and Danny turned 7 in March. Although university was still a long way off for the boys, Victor and Jasmine wanted to ensure
For each of the following four debts amortized by equal payments made at the end of each payment interval, compute(a) The size of the periodic payments;(b) The interest paid, principal repaid, and the balance for the first period;(c) The interest paid, principal repaid, and the balance for the
Pinto Brothers are repaying a loan of $14 500 by making payments of $2600 at the end of every six months. If interest is 7% compounded semi-annually, construct an amortization schedule showing the total paid and the total cost of the loan.
For Question 7, calculate the interest included in the fourth payment. Verify your answer by checking the amortization schedule. In Question 7 A loan of $10 000 with interest at 7.75% compounded annually is to be amortized by equal payments at the end of each year for seven years. Find the size of
For Question 8, calculate the principal repaid in the fifth payment period. Verify your answer by checking the amortization schedule. In Question 8 A loan of $8000 is repaid by equal payments made at the end of every three months for two years. If interest is 7% compounded quarterly, find the size
For Question 9, calculate the principal repaid in the fourth payment period. Verify your answer by checking the amortization schedule. In Question 9 Hansco borrowed $9200 paying interest at 11% compounded annually. If the loan is repaid by payments of $2000 made at the end of each year, construct
For Question 10, calculate the interest included in the fifth payment. Verify your answer by checking the amortization schedule. In Question 10 Pinto Brothers are repaying a loan of $14 500 by making payments of $2600 at the end of every six months. If interest is 7% compounded semi-annually,
Apex Corporation borrowed $85 000 at 8% compounded quarterly for eight years to buy a warehouse. Equal payments are made at the end of every three months. (a) Determine the size of the quarterly payments. (b) Compute the interest included in the 16th payment. (c) Determine the principal repaid in
Mr. Brabham borrowed $7500 at 8% compounded monthly. He agreed to repay the loan in equal monthly payments over four years.(a) What is the size of the monthly payment?(b) How much of the 20th payment is interest?(c) What is the principal repaid in the 40th payment period?(d) Prepare a partial
Thornhill Equipment Co. borrowed $24 000 at 11% compounded semi-annually. It is to repay the loan by payments of $2500 at the end of every six months. (a) How many payments are required to repay the loan? (b) How much of the sixth payment is interest? (c) How much of the principal will be repaid in
Locust Inc. owes $16 000 to be repaid by monthly payments of $475. Interest is 6% compounded monthly. (a) How many payments will Locust Inc. have to make? (b) How much interest is included in the 18th payment? (c) How much of the principal will be repaid in the 30th payment period? (d) Construct
Mr. and Mrs. Norman purchased a ski chalet for $36 000. They paid $4000 down and agreed to make equal payments at the end of every 3 months for 15 years. Interest is 8% compounded quarterly. (a) What size of payment are the Normans making every 3 months? (b) For the first payment period, how much
A contractor’s price for a new building was $96 000. Slade Inc., the buyers of the building, paid $12 000 down and financed the balance by making equal payments at the end of every 6 months for 12 years. Interest is 7.3% compounded semi- annually. (a) What is the size of the semi-annual payment?
Leo’s Auto Repairs Inc. borrowed $5500 to be repaid by end-of-month payments over four years. Interest on the loan is 9% compounded monthly. (a) What is the size of the periodic payment? (b) What is the outstanding principal after the 13th payment? (c) What is the interest paid in the 14th
To start their business, Ming and Ling borrowed $24 000 to be repaid by semi- annual payments over 12 years. Interest on the loan is 7% compounded semi- annually. (a) What is the size of the periodic payment? (b) What is the outstanding principal after the seventh payment? (c) What is the interest
Lynn and Gina purchased a hair salon business by agreeing to pay $2300 at the end of each month over the next three years. Interest on the “loan to purchase” agreement was 8.04% compounded monthly. (a) What is the purchase price of the business? (b) What is the outstanding principal of the loan
When Dan signed a two-year contract with Hard Floors Inc. as a manager, the company allowed reimbursement of $600 at the end of every month for his car expenses. At the time the contract was signed, money was worth 7.68% compounded monthly. (a) What value did the expense reimbursement provision
A loan of $10 000 with interest at 7.75% compounded annually is to be amortized by equal payments at the end of each year for seven years. Find the size of the annual payments and construct an amortization schedule showing the total paid and the cost of financing.
A loan of $8000 is repaid by equal payments made at the end of every three months for two years. If interest is 7% compounded quarterly, find the size of the quarterly payments and construct an amortization schedule showing the total paid and the total cost of the loan.
Hansco borrowed $9200 paying interest at 11% compounded annually. If the loan is repaid by payments of $2000 made at the end of each year, construct an amortization schedule showing the total paid and the total interest paid.
For each of the following four debts amortized by equal payments made at the end of each payment interval, compute(a) The size of the periodic payments;(b) The interest paid, principal repaid, and the balance for the first period;(c) The interest paid, principal repaid, and the balance for the
A loan of $16 000 with interest at 9% compounded quarterly is repaid in seven years by equal payments made at the end of each year. Find the size of the annual payments and construct an amortization schedule showing the total paid and the total interest.
A debt of $12 500 with interest at 7% compounded semi-annually is repaid by payments of $1900 made at the end of every three months. Construct an amortization schedule showing the total paid and the total cost of the debt.
A debt of $45 000 is repaid over 15 years with semi-annual payments. Interest is 9% compounded monthly. (a) What is the size of the periodic payments? (b) What is the outstanding principal after the 11th payment? (c) What is the interest paid in the 12th payment? (d) How much principal is repaid in
A debt of $60 000 is repaid over 25 years with monthly payments. Interest is 7% compounded semi-annually. (a) What is the size of the periodic payments? (b) What is the outstanding principal after the 119th payment? (c) What is the interest paid in the 120th payment? (d) How much principal is
A loan of $10 000 with interest at 6.72% compounded quarterly is repaid by payments of $950 made at the end of every six months. (a) How many payments will be required to amortize the loan? (b) If the loan is repaid in full after six years, what is the payout figure? (c) If paid out, what is the
The owner of the Blue Goose Motel borrowed $12 500 at 7.1% compounded semiannually and agreed to repay the loan by making payments of $700 at the end of every three months. (a) How many payments will be needed to repay the loan? (b) How much will be owed at the end of five years? (c) By the end of
Maple Sweets Inc. borrowed at 7.44% compounded monthly to purchase equipment, agreeing to make payments of $2160 at the end of every three months for 14 payments. (a) What is the equivalent cash price of the equipment? (b) How much will be owed at the end of two years? (c) How much of the principal
DJR Construction signed a loan contract at 8.36% compounded quarterly, with the provision to pay $765 at the end of each month for 4 years.(a) What is amount of the loan?(b) How much will be owed at the end of 14 months?(c) How much of the principal will be repaid within the first 14 months?(d) How
A debt of $32 000 is repaid by payments of $2950 made at the end of every six months. Interest is 8.28% compounded quarterly. (a) What is the number of payments needed to retire the debt? (b) What is the cost of the debt for the first five years? (c) What is the interest paid in the 10th payment
For each of the following six loans, compute the size of the final payment.
Noreen Leung has agreed to purchase her partner’s share in the business by making payments of $1100 every three months. The agreed transfer value is $16 500 and interest is 10% compounded annually. If the first payment is due at the date of the agreement, what is the size of the final payment?
David Jones has paid $16 000 for a retirement annuity from which he will receive $1375 at the end of every 3 months. The payments are deferred for 10 years and interest is 10% compounded quarterly. (a) How many payments will David receive? (b) What is the size of the final payment? (c) How much
A contract valued at $27 500 requires payments of $6000 every six months. The first payment is due in four years and interest is 11% compounded semi-annually. (a) How many payments are required? (b) What is the size of the last payment? (c) How much will be paid in total? (d) How much of what is
A loan of $7200 is repaid by payments of $360 at the end of every three months. Interest is 11% compounded quarterly. (a) How many payments are required to repay the debt? (b) What is the size of the final payment?
1. Calculate the monthly payments required to pay off a $250 000 mortgages, assuming the amortization period is 25 years and the interest rate is 5.5% compounded semi-annually. 2. What is the balance at the end of the 5-year term? 3. Assuming a 40% tax refund on RRSP contributions, if the homeowner
Seanna O’Brien receives pension payments of $3200 at the end of every six months from a retirement fund of $50 000. The fund earns 7% compounded semi-annually. (a) How many payments will Seanna receive? (b) What is the size of the final pension payment?
A loan of $35 000 is repaid by payments of $925 at the end of every month. Interest is 12% compounded monthly. (a) How many payments are required to repay the debt? (b) What is the size of the final payment?
An annuity with a cash value of $10 500 pays $900 at the beginning of every three months. The investment earns 11% semi-annually. (a) How many payments will be paid? (b) What is the size of the final annuity payment?
Payments of $1200 are made out of a fund of $25 000 at the end of every three months. If interest is 6% compounded monthly, what is the size of the final payment?
A debt of $30 000 is repaid in monthly installments of $550. If interest is 8% com- pounded quarterly, what is the size of the final payment?
A lease valued at $20 000 requires payments of $1000 every three months due in advance. If money is worth 7% compounded quarterly, what is the size of the final lease payment?
Eduardo Martinez has saved $125 000. If he withdraws $1250 at the beginning of every month and interest is 4.5% compounded monthly, what is the size of the last withdrawal?
Equipment priced at $42 000 was purchased on a contract requiring payments of $5000 at the beginning of every six months. If interest is 9% compounded quarterly, what is the size of the final payment?
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